SPX WEEKLY BULL (PRIMARY DEGREE ALTERNATE 1)

A steady and healthy up-trend for the S&P . My first or main e.w. count locates price in intermediate wave 3 yellow of primary wave 5 red of cycle wave 3 purple.

Primary wave 2 red unfolds as a running flat and completes at 23.6% retracement of wave 1 right after establishing a clear motive structure downward labelled at minor degree blue. Like the DAX30 , the structural wave count for the running flat fails to meet the criteria, however the exception is made once again as for its ideal look and a clear 5 count for wave c.

Primary wave 3 red was very complex as for the few extreme fluctuations, it made it more difficult to count. Therefore Primary wave 3 can be labelled whichever way. However I have chosen to see an extensions within an extension because not only is it a guideline and expected, but several reactionary waves found support at 0.618% retracement level suggesting motive structure at one lesser degrees.

Primary wave 4 red has unfolded as a simple zig zag . The correction is different to wave 2 in terms of form, depth and duration.

It is possible that price may be in the early stages of forming a contracting diagonal whereby intermediate waves 1 and 2 yellow would be relabelled A and B. This idea is plausible given the nature of waves 1 and 2 yellow to be unlike the traditional motive structure i.e. wave 2 doesn't meet the retracement guideline. However if it is then we will anticipate that intermediate wave 4 manifests differently in terms of form, depth and/or duration.